Preventing rust when storing bike outside

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Just moved into a new build where there's a partially covered bike rack area. Seemed like a no brainer to utilise it and not keep bike in my flat. In my last place, I was lucky enough to have a huge cupboard I was able to store it in.

So after a month of being outside, I realised earlier this week that it has noticeably started to rust. Mostly around chain. I was pretty naive about this as never stored it outside before.

Decided to buy a bike cover and also oiled the chain as well as I could. Also have the back of it closest to the wall in the pic to keep it as covered as possible. Real shame they didn't design the bike area properly and make it fully covered. I have raised it as a snagging issue but doubt it'll be addressed.

So wondering if this should help matters? The cover and oil? I guess I will have to live with a bit of rusting now. Just want to ensure it doesn't get dramatically worse.

DixXd01.jpg

VrmWU92.jpg

Note: The other bike (not covered) isn't mine!
 
If its an older bike and the wheel/headset/crank bearings are loose type bearings rather than sealed bearings it might be a good idea to strip it and make sure they're packed with marine grade grease. I ended up having to replace two wheels on a bike I left in my shed as the bearing race corroded.

Other than that there's not much more you can do. That oil should help keep the chain from seizing, but you will still get some surface rust, which shouldn't be a problem.

Thanks it's a 2013 Saracen Tufftrax?
 
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